No Santa rally in sight for Aussie dollar as it dips below US72¢

The Australian dollar dipped below US72¢ for the first time since May as the currency continues to come under pressure from a resurgent greenback and further weakness in the iron ore price.

The Aussie on Thursday night dropped as low as US71.98¢, extending the currency's losses for the year to around 1 per cent. On Friday the local unit recovered to a high of close to US72.3¢ before fading again to fetch US72.07¢ in afternoon trade.